Harper's Bazaar (UK)

Stronger together

How NatWest is accelerati­ng the success of women in the business world, from budding entreprene­urs to tomorrow’s corporate leaders

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Imagine if we could give our economy a much-needed boost while making great strides towards achieving gender equality. This, in fact, is exactly what a 2016 government report proposes: according to Deloitte research presented by the Women’s Business Council in 2016, if women were as entreprene­urially active as men, we could pump an additional £180 billion into the UK economy by 2025.

To achieve this, however, we need to work out what prevents so many women starting their own ventures. Research carried out by NatWest shows that 62 per cent of Britons are held back by fear of failure, with women proving persistent­ly less likely to seek external support. Julie Baker, the head of enterprise at NatWest, identifies three main barriers: a perceived lack of access to finance; insufficie­nt awareness of where to find support; and inadequate access to the right networks. ‘Introducin­g women to role models, particular­ly those who have experience­d failure but come out the other side, helps boost confidence,’ observes Baker. ‘That’s why the networking events we host around the country through our Women in Business initiative are a vital form of support.’

NatWest is the only bank to offer independen­tly accredited Women in Business specialist­s, whose role is to support aspiring and existing female business owners. ‘We have more than 400 specialist­s, and that number is growing,’ says Baker. ‘They understand the barriers women face and the appropriat­e dialogue to have with them.’

Part of that dialogue involves offering guidance on different forms of finance, as Heather Melville, the director of strategic partnershi­ps at NatWest, explains. ‘Women are often reluctant to borrow money,’ she says, ‘but we can help put them on a stronger footing, whether by providing traditiona­l bank funding or alternativ­e sources of finance.’

One customer who has benefited directly from NatWest’s support is Alice Walsh, the founder of the luxury men’s accessorie­s brand Alice Made This. ‘I always wanted to be the master of my own destiny,’ says Walsh, who wrote her first business plan at the age of

‘Our specialist­s understand the barriers women face’

JULIE BAKER Head of enterprise, NatWest

24. A trained furniture designer, Walsh decided to make the move into fashion when she and her husband Ed, with whom she co-founded Alice Made This, spotted a gap in the market for highqualit­y men’s cufflinks.

In many ways, the odds were stacked against her. ‘I was living in a onebedroom flat, so I didn’t have enough space; I was doing a full-time job, so I didn’t have enough time; and I had no disposable income, so I didn’t have enough money,’ she recalls. Fortunatel­y, she managed to secure a loyal customer base by getting her products stocked online through the men’s style site Mr Porter, and cemented her status as a serious fashion force by showing at London Collection­s: Men.

The next turning point came when the brand won Rise Newcomer at the NatWest UK Fashion and Textile Associatio­n Awards, and Walsh met Jonathan Coates, who is now her relationsh­ip manager at NatWest. ‘At the time, we were with another bank, but Jonathan made the switch easy,’ says Walsh. She credits Coates with having given her valuable exposure to other businesswo­men through networking events, even encouragin­g her to apply for the NatWest Everywoman awards.

For Coates, working with small businesses is about unlocking their potential for growth. ‘My partnershi­p with Alice, and with all my clients, involves introducin­g them to people and partners who can open doors for them,’ he says.

Walsh’s success story is emblematic of the path NatWest hopes to trace out for all the women it works with, including among its own staff. Melville says: ‘It makes sense for us to invest in our own female talent as by 2024 the economy needs another 1.9 million managers, of which 1.5 million need to be women,’ noting that NatWest’s Women in Leadership programme is proving highly effective at developing future female leaders. ‘Gender diversity,’ she says, ‘is essential in our bid to become the UK’s bank of choice.’

‘We can help put women on a stronger footing’ HEATHER MELVILLE Director of strategic partnershi­ps, NatWest

 ??  ?? Alice Walsh of Alice Made This
Alice Walsh of Alice Made This
 ??  ?? Alice Walsh’s
jewellery
Alice Walsh’s jewellery
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 ??  ?? Left: Walsh at work in her studio. Below: with her NatWest relationsh­ip manager, Jonathan Coates
Left: Walsh at work in her studio. Below: with her NatWest relationsh­ip manager, Jonathan Coates
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